Not Expanding Money Options
Selling products and services is just one way to make money online. You may even find that it’s not the biggest portion of your income if your site gets very popular. Try to expand your moneymaking capabilities so that you aren’t limiting yourself to a brick-and-mortar model of selling only a product or a service. People make money online in many different ways. It’s important to understand these models and to implement them to expand the ways to increase your income potential.
TWO TYPES OF AFFILIATE MARKETING
When first getting into affiliate marketing, you will see many pay-per-click or pay-per-sale models available to choose from within your affiliate network, the most popular being the Google AdSense PPC program. These offers depend on people coming to your site and clicking on the links you set up. A pay-per-click (PPC) offer will pay you at most a few dollars for the click, and usually a few cents for each time a person clicks a link. A pay-per-sale will pay a percentage commission that depends on the affiliate offer, but is much harder to generate due to the action requested, completing a sale. Along with PPC offers, there are cost-per-action (CPA) affiliate offerings that can generate income from your site. These offers pay out much better than PPC and only ask that a specific action be taken by the visitor, which can be to fill out a survey, add their email to a registration form, or opt-into a newsletter. The action can also be a sale, but there are many CPA offers that are looking just for sales leads, not for actual sales. These are far easier to market on your site and lead to more income because a visitor isn’t being asked to purchase anything, but just to complete some action that will eventually put money in your pocket, even though it’s not directly obvious to the visitor.
NOT EXPLORING OTHER WAYS TO MAKE MONEY
You can make money via advertising space on your website. If the site becomes very popular, advertisers will line up to put their ad or banner on your page and give you a monthly stipend for that exposure. This can happen with traditional websites and with blogs too. That’s just another way that you can exploit the website you have to create income without doing much additional work.
You can make money by putting up search engines that pay for every time that someone searches your site. You can also set up a membership area where special content is given to members for a monthly fee. You can offer discount coupons on your site to your offline businesses and reduce the cost of printing offline, thus creating more money in your retail budget. There are many ways to make money online that are different than what you currently know.
Having No Sales Pipeline Outlined
Even with all of these offers lined up, if you don’t have a plan for what to present first, it can get rather confusing, for both you and for the prospective customer. Online, you need to plan out a sales pipeline and always keep some offer in front of your prospective client. You should know what they’ve seen before and what they’re going to see next. You should plan out and understand how demographics will affect your pipeline too. Once you have an email list with people’s names on it who have agreed to be marketed to, it’s up to you to make sure that they hear about you and your business on a regular basis. It’s not like a regular retail store where they might take the chance to go to your site to buy some particular item. Instead, they will be hopping all over the Web, and unless you repeatedly pull them back to your site, they will soon forget all about you. The sales pipeline thus serves two purposes: it’s informational and it’s for sales.
SEVERAL DIFFERENT CONTACT LISTS
For all of your sites, you might have one master contact list that sends out information emails about where you are and where your business is headed. It can discuss business interruptions and other procedural things that have nothing to do with sales. They can be entertaining, but are generally used for the purpose of relaying vital information that everyone on all of your lists needs to know.
After that, each site should have its own contact lists, and they should be categorized based on demographics. If you have a three-tiered group of products and services, low-income, middle-income, and high-income brackets, then you should separate people’s email addresses based on that information and market different products from those categories to the right group. If you don’t know what demographic they belong to, just stick them in the low-income bracket until they actually buy a product and give you a better idea. Every now and then, offer them a product from the next grouping to see if they bite. Then, if they do bite, move them to the new list and market those products to them regularly.
PLAN THE SALES PIPELINE ALL YEAR
You should now have a good idea of when you are sending out emails, to whom you are sending out emails, and what products and services are being offered in your email campaigns and online. You should know when a holiday promotion is in order and what you plan to do about that to generate income. It seems like a lot of work, but it will make the operation of your website smoother and more profitable in the end.